Citibank raised its price target on Facebook Inc.’s FB, -0.08% stock to $97 from $91 at Citibank on Thursday. Shares of the social network were up 0.6% to $82.19 in premarket trade. They are up 30.2% over the last 12 months, outperforming a 9% improvement for the broader S&P 500.
In a note to investors, Citi analyst Mark May reiterated his confidence in the sustainability of Facebook’s ad revenue growth, saying products like video ads and e-commerce and payments have the potential to drive more upside than some analyst models are currently predicting.
The analyst also raised his estimates for Facbook’s ad revenue in 2016 and beyond, despite increased FX headwinds.